Talabat Launches on Dubai Financial Market in Biggest Global Tech IPO This Year

Photo : Dubai Government Media Office

The Dubai Financial Market (DFM) has officially welcomed Talabat Holding plc to its stock market. Talabat is a popular platform in the MENA region that delivers food, groceries, and retail items to people. It now trades on the DFM under the ticker symbol “TALABAT.” This listing is a big step for Talabat and the DFM.

Delivery Hero SE, a well-known company listed on the Frankfurt Stock Exchange, is still the main owner of Talabat. Talabat’s Initial Public Offering (IPO), which is when a company sells its shares to the public, raised about AED 7.5 billion (around USD 2 billion). This was done by selling 20% of the company’s shares. This IPO is the biggest global technology IPO of 2024, the largest in the GCC this year, and the first tech IPO on the DFM.

Each share was priced at AED 1.60, the highest price in the set range, which showed strong interest from investors. Many investors, both local and global, showed trust in Talabat. Major investors included Emirates NBD AM SPC, Abu Dhabi Pension Fund, and Emirates International Investment Company LLC. Several big international investors, who had never invested in the DFM before, also took part, showing confidence in Talabat’s plans.

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This is the third company to list on the DFM in 2024, proving Dubai is becoming a key financial center. A special ceremony was held to celebrate this event. Talabat CEO Tomaso Rodriguez rang the market bell, joined by His Excellency Helal Al Marri, Chairman of the DFM, Hamed Ali, CEO of DFM and Nasdaq Dubai, and Niklas Östberg, CEO of Delivery Hero.

His Excellency Helal Al Marri said, “Talabat’s listing shows how strong Dubai’s financial market is. Our rules and systems attract the best companies and give great chances for investors. This listing also helps bring more tech and retail companies to the DFM.”

Hamed Ali, CEO of DFM, added, “Talabat’s IPO proves that investors trust Dubai’s markets. This success shows how DFM is a great place for companies to grow and raise money.”

Talabat CEO Tomaso Rodriguez shared his excitement, saying, “Ringing the bell today is a proud moment for everyone at Talabat. It marks our 20-year journey of growing and serving people in the region. We are excited about the future and happy to welcome new shareholders to join us in our next steps.”

Talabat is active in eight countries: the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan, and Iraq. In September 2024, Talabat had more than six million active customers. It also worked with over 65,000 restaurants, grocery stores, and other shops and had more than 119,000 riders delivering items.

The company’s future plans include making its services better, reaching more customers, offering advertising options, growing its loyalty programs, exploring new products, and forming partnerships with other companies.

With Talabat’s listing, Dubai is showing its leadership in financial markets. In 2024, DFM raised AED 10.48 billion in total funds, making it the best-performing market in the region for the second year in a row. This success supports the UAE’s goal of growing its economy and becoming a global leader in innovation.

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